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November 28, 2009
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| Korea plans to inject 300 billion won ($257.7 million) in the coming years to build up the country’s rare metal industry and develop processing technologies, government officials said yesterday. The plan calls for allocating resources vital to the development of 40 key smelting, refining and reprocessing technologies for 10 types of rare metals up until 2018, the Ministry of Knowledge Economy said. With the project, the ministry hopes the country will be able to produce 80 percent of all rare metal products consumed in the country, from just 12 percent at present. The project is also aimed at increasing the number of dedicated rare metal manufacturing companies from 25 to 100 and building regional industrial clusters for such businesses. The development of the rare metal industry is becoming more urgent as these materials are used to make various high-tech products such as light-emitting diodes, display panels and high-powered battery cells needed to drive electric cars. “We will give first support to the development of technologies needed to process the rare metals that are in high demand in the country,” said Lee Seung-woo, head of the Ministry of Knowledge Economy’s steel and chemical division. The metals are gallium, titanium, lithium, white gold, cobalt, magnesium, indium, tungsten, nickel and rare earth elements. The official also said Posco plans to spend 34.6 billion won by 2011 to build a magnesium processing plant in the country with an annual capacity of 10,000 tons. Depending on growth in demand, the steelmaker plans to invest a total of 200 billion won to increase its capability to 100,000 tons, Posco officials said. Yonhap JoongAng daily Hot issue
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